* Gold gives up early gains, awaits payrolls data
* Platinum tracks gold's weakness
(Updates prices)
SINGAPORE, Aug 1 (Reuters) - Gold slipped on weaker oil
prices on Friday and investors may be careful about taking
large positions ahead of the release of non-farm payrolls data
which will offer clues on the direction of the U.S. economy.
Platinum fell after rising more than 1 percent in New York
and worries about falling demand for autocatalysts and a
slowing U.S. economy overshadowed bargain buying from
investors, dealers said.
Gold <XAU=> dropped to $910.20/911.20 an ounce from
$913.45/914.65 an ounce late in New York on Thursday, when it
rose more than $6 on a falling U.S. dollar.
"I think the market still has a short-term reprieve on
dollar weakness but really that upward trend has simply slowed
again," said Mark Pervan, senior commodities analyst with ANZ
in Melbourne.
He pegged key support at $900 an ounce, which if broken
could further take the price down to $850 -- a level last seen
in mid-June. "I think we are seeing a pullback on the caution
seen in the oil market at the moment," he said.
Gold has struggled to sustain gains since rallying to a
four-month high of $987.75 an ounce in mid-July, driven by
declines in oil and a recovery in the dollar that robbed the
metal of some of its safe haven appeal.
The metal is well below March's record high of $1,030.80.
The euro slipped to $1.5565 <EUR=>. Oil <CLc1> lost 77 cents
to $123.31 a barrel, extending Thursday's losses. A Reuters
poll showed the U.S. economy probably suffered its seventh
consecutive month of job losses in July as companies continued
to cut workers in the face of the worst housing slump since the
Great Depression. []
Spot platinum <XPT=> fell to $1,726.00/1,746.00 an ounce
from $1,749.50/1,769.50 late in New York. It struck a lifetime
high $2,290 in early March after a power shortage in main
producer South Africa disrupted mining and sparked supply
worries. "At this moment ther's no actual demand from the
automobile jewellery sectors. Nothing," said Yukuji Sonoda,
precious metals analyst at Daiichi Commodities in Tokyo.
"There's only investment demand. That's not so important,"
he said.
Investment accounts for around 2 percent of total demand.
New York Gold futures <GCZ8> fell $3.7 to $919.00 an ounce.
Hong Kong's first gold-backed exchange-traded fund, SPDR
Gold Trust <2840.HK>, turned over $18.8 million on its debut on
the Hong Kong Stock Exchange. []
The most active Tokyo gold contract for June 2009 delivery
<0#JPL:> on the Tokyo Commodity Exchange ended the morning
session 10 yen per gram lower at 3,186 yen.
Spot palladium <XPD=> fell to $371.50/379.50 an ounce from
$379.50/387.50 late in New York. Silver <XAG=> edged down to
$17.61/17.67 an ounce from $17.71/17.77 late in New York.
Precious metals prices at 0228 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 910.20 -2.65 -0.29 9.31
Spot Silver 17.60 -0.08 -0.45 19.16
Spot Platinum 1725.00 -25.50 -1.46 13.49
Spot Palladium 371.50 -6.50 -1.72 0.95
TOCOM Gold 3186.00 -10.00 -0.31 4.12
13830
TOCOM Platinum 5975.00 -82.00 -1.35 11.91
10105
TOCOM Silver 617.20 2.70 +0.44 14.09
328
TOCOM Palladium 1316.00 -14.00 -1.05 -2.59
705
Euro/Dollar 1.5560
Dollar/Yen 107.84
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)
